GC Update — SpicySwap Latest
Build. Drop. Repeat. Build. Drop. Repeat.
Hi friends, we’ve been building out major additions to SpicySwap over the past two weeks. To begin, we have an exciting update to the SpicySwap Alpha releasing today. Read more to find the run-down of this weekend’s drop, and visit SpicySwap. Additionally, we’d like to unveil our Wrapped Tez (WTZ) system that will be heavily integrated into SpicySwap as an anchor token. Lets jump in.
Custom Pool Deployments
This is the biggest feature yet on SpicySwap. We’ve successfully implemented custom token functionality, which is a major milestone for the development of a DEX. On the SpicySwap UI, one can now add any arbitrary FA token. Creating a pool on SpicySwap is simple: pick your token, then add liquidity. The pool is created and liquidity is added in the same transaction.
Along with generic pools, token metadata is now supported with token logos, names, and decimals. Please help us test! We’ll be redeploying some of the more popular FA tokens on Granadanet to facilitate testing.
There are many moving parts to a successful custom FA token platform, let us know of metadata bugs and incompatible tokens so we can take action.
Our goal for SpicySwap is to be the best DEX on Tezos for users. We’ve been focusing on user experience over the past development cycle to meet that goal. We’ve successfully integrated dynamic theming on the SpicySwap UI, for quick and persistent themes. There are 4 sample themes to choose from, with more coming in the future!
A number of other quality-of-life improvements have been integrated into the SpicySwap UI. This list of improvements includes items like API debouncing and local storage persistence. Creating an enjoyable user experience is an ongoing goal for SpicySwap, so please use the #dapps channel on the GC Discord to submit any feedback or UI bugs.
Indexer and API Developments
On the infrastructure side, we’ve migrated our whole indexer stack to cloud and started syncing a cloud-based node. We recently executed a zero-downtime upgrade and our production indexers have been stable on cloud for the past week. This migration is key for the stabilization and availability of SpicySwap and all SalsaDAO-affiliated applications.
In the coming weeks, we will be releasing an API Schema for SpicySwap, so that potential builders can give feedback and be ready to integrate by release. If you’d like a sneak peek on what our API will look like, check out the Uniswap V2 Subgraph. Using Baking Bad’s incredible tool, DipDup v2, we can mimic Uniswap’s full API schema. We plan on having the API hosted in the cloud and available to use via JSON or GraphQL queries for maximum flexibility.
Our SpicySwap custom indexer already has auto-tracking implemented so that new pools will be automatically available via API. The indexer already provides a good set of metrics, but the UI design for the user dashboard and analytics page is still under development.
On Day 1, we will have a strong and highly-available set of metrics to back up our DEX.
As mentioned above, final UI designs are still under construction. In the next major update, we’re hoping to release the full SpicySwap Beta, which will have the user dashboard and analytics pages implemented. Also, we’ve pushed the testing game back to the SpicySwap Beta, as it will be much easier to test at that point. Flash swaps have been quietly integrated into the core swaps contracts. We will be doing some advanced testing over the next couple weeks to confirm the functionality.
Farming is currently broken due to the custom token features. Within a week we will run a migration of the Farm Core contract and set the Spice LP pair correctly. We’ll post a tweet from the official Genius Contracts Twitter when complete.
As a small final note, we’ve opened up conversations with a potential auditor for the SpicySwap contracts. Still, an audit can’t catch everything so we will be working on developing a full test suite based on the existing UniswapV2 test suite, and customized for Tezos.
Wrapped Tez (WTZ)
It is well known that SpicySwap does not support native Tezos. We’d like to announce our solution: Wrapped Tez, a simple system that unlocks native Tezos for use as an FA2-compliant token.
The mission for Wrapped Tez (WTZ) is to provide a straightforward solution for baking your Tezos while participating in DeFi. WTZ aims to be a low-code, self-custodial, no-fee token that just works. There are no extras, no bridges and no partnerships.
WTZ works in a simple manner: create vault, lock Tezos, mint WTZ. Then, one can optionally set a delegate for baking rewards. To unlock one’s Tezos, WTZ is burned. All exchanges happen at a 1 to 1 ratio. This WTZ can now be quickly and easily traded on a DEX or used in an LP farm. This is the extent of WTZ functionality.
The contract has been created and tested on Granadanet. There will be a deeper dive coming on the design of WTZ, but feel free to test it out here.
In our opinion, a large problem with developer accessibility on Tezos is baking. Without a centralized “wrapped Tezos”, every team will need to write in custom reward tracking functionality into mission-critical financial processes, just to support native Tezos.
We say, bake it elsewhere!
WTZ will benefit more than just SpicySwap for the reasons stated above. Baking is one of the most interesting features on Tezos, but baking also introduces low-level contract complexity in decentralized applications.
We see Wrapped Tez as a community project, not a Genius Contracts product. Part of the Genius Contracts mission is to use our contract expertise to help the Tezos ecosystem as a whole. Furthermore, WTZ can be a great collaboration point for the heavy-hitting development labs currently building on Tezos. Collaboration, not just partnerships, is what pushed the Tezos ecosystem to where it is now, and collaboration is what will push it further in the future.
To back this up, we’d like to announce a bounty program for the WTZ UI and logo. The reward will be a six-figure sum of $sDAO to the one who completes the task first, with consolation prizes for those who make a good faith attempt.
For the Wrapped Tez Interface Bounty, we will require:
- Front-end UI with Vault Info
- Mint/Burn Wallet Interactions
- Angular component and React component
More details will be released soon.
That’s all we have for you today. As always, thanks for reading and thanks for your kind words of support. Coming up next, a look into SpicySwap’s benefits for builders.